Some form of bail-out now seems both inevitable and imminent. In the words of Christine Lagarde, the French finance minister: “Is it six months or a few days away? I’d say it’s closer to days.”

Ireland is fighting a rear-guard action, arguing that it has the funding in place until mid-way through next year. Its crisis is not immediate, even if it is unavoidable. Portugal, on the other hand, is under more immediate pressure to raise funds. Reasonably, Ireland is arguing that it should not be bailed out to rescue Portugal.

Brian Lenihan, Ireland’s finance minister, is playing the role of dutiful European, though. “If banking problems are too big for this small country to manage, Europe has made it clear they’ll help,” he said. A bail-out is almost certain to be pitched as a bank rescue to save political face.

With a banking sector worth 400pc of GDP that is stuffed full of toxic real estate debt and underwritten by the state, the nation is trapped. Depositors are withdrawing their money in the billions, leaving Ireland at the mercy of the European Central Bank – the only institution prepared to keep Ireland limping on.

Given that the ECB is Ireland’s last remaining lifeline, ECB President Jean Claude Trichet remains the central figure in deciding the country’s fate. He wields enormous influence across Europe already, as the eurozone’s central banker, and is almost certain to shape the bail-out.

Any bail-out will be conducted through the European Financial Stability Fund (EFSF), the rescue vehicle set up earlier this year. A total of €440bn has been committed by euro area member states, another €60bn from the EU budget and €250bn more from the International Monetary Fund – taking the total fund to €750bn. The UK is on the hook for up to £7bn. The EFSF is lead by chief executive Klaus Regling, who is also playing a central role in discussions.

Mr Regling though, is more of a figurehead for the EFSF funding nations. Dominique Strauss-Kahn, head of the IMF and a potential French presidential candidate, has flown in to help oversee talks – given the sum the Bretton Woods institution has put on the table. Tim Geithner, the US Treasury secretary, is also aiding talks. The US, as the biggest IMF member, has been dragged into the European crisis.

Wolfgang Schaeuble, Germany’s finance minister, and Ms Lagarde – as representatives of the eurozone’s biggest members – will be enormously influential. Olli Rehn, European Union commissioner for economic and monetary affairs, and eurogroup chairman Jean Claude Juncker are also steering discussions.

With such a powerful group gathered once again to prevent another crisis from blowing out of control, it seems inevitable that Mr Lenihan and Brian Cowen, the Irish Prime Minister, will be forced to accept some kind of deal. For Ireland, following the two austerity budgets that have meant pay cuts for public sector workers, job losses and tax rises, it is almost certain to mean more hardship and humiliation.